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RESOLUTION OF THE BOARD OF COMMISSIONERS
�
OF THE PITKIN COUNTY HOUSING AUTHORITY m
AMENDING THE 1981 HOUSING AUTHORITY
QUALIFICATIONS AND GUIDELINES FOR LOW, MODERATE :
AND MIDDLE INCOME OWNERSHIP AND RENTAL HOUSIN6 PROJECTS �
" � Resolution No. 81- 116
WHEREAS, the Board did adopt qualifications and guidelines for ;�
low, moderate and middle income housing on June 8, 1981, by its Resolution �
` �
No. 81-44, and f
WHEREAS, on the reco�mnendation of the director of the Housing ;�
Authority, the Board has considered and wishes to adopt further amendments _
,.
to said qualifications and guidelines, �
- �,, NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of
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° the Pitkin County Housing Authority that Paragraph 8 of Resolution No. 81-44 ';
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����`.= be repealed and reenacted to read as follows: �
��� "8. Debt/income ratios, including all liabilities, shall �
� be as follows: ;�
�. 31-34% of total income allocated for servicing housing �s�
,? debt and related obligations; E?
38-41X of tota7 incane for all serviceable debt and �
;, obligations which includes current obligations added �
� to loan liability for the purpose of calculating and a
adjusting the Minimum Required Household Income (M.R.H.I.)." ;�
- a
BE IT FURTHER RESOLVED that Paragraph 11(d)(3) be repealed and F;
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reenacted to read as follows: "
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�., "11.(d)(3) Co-signers will be approved for ownership projects
provided that the co-signer is either related to the
_ � purchaser or is an employer of the purchaser and is
not iiable for more than twenty (20%) percent of the
monthly payments required to amortize the mortgage."
_ `' - BE IT FURTHER RESOLVEO that Paragraph 3 be repealed and reenacted �
to read as follows: I
"3. Household assets shall not exceed 200% of the purchase price �
of the unit. Assets shall include all fixed and liquid assets,
• excluding personal effects. Assets shall include all �
� professional and business equity for both self-employed
persons and investors. If there remain unsold units within � �
a project, the 750� asset maximum may be increased by 25%
in cr�nents not to exceed 200� of sale price until all units
are sold."
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, ' Approved this 23� day of rtovemb�r, 1981, to be effective � _
immediately. �
� .
- BOARD OF COMMISSIONERS OF THE PITKIN �
COUNTY HOUSING AUTHORITY
�
�.- �. :
By:� � �::
Robert W. Chi�d, C airman
tr.
�� ATTEST: �'
�:_..
Lewis Scanlan �
Deputy County Clerk �
APPROVED AS TO FORM:
Sandra M. S ler� +
County Attorney
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